Cryptocurrency Exchange Platform Marketplace Specification, Share & Developments Analysis
The worldwide cryptocurrency exchange platform market dimensions are likely to reach USD 264.32 billion by 2030, growing with a CAGR of 27.8% from 2022 to 2030, in accordance with these studies conducted.
The rising awareness about cryptocurrencies and their advantages, for example flexibility and security, is driving the industry's growth. The strong focus on secure and decentralized networks as a result of the emergence of blockchain technology also bodes well with the market growth. Several market players have dedicated to development and research activities flying insects advanced innovative exchange platforms.
As an example, in July 2022, Billium, an exchange operating out of Dubai, announced the launch of an new-age platform to undertake decentralized transactions more effectively and efficiently. It is integrated with a copy trading function named 'Billium Copy Trading', that can allow novice users to follow along with the trades of the professionals.
The growing popularity of cryptocurrencies led several financial services companies to collaborate with cryptocurrency exchanges to boost their service offerings. For instance, in March 2021, Visa, Inc. announced to settle transactions in U.S. Dollar Coin (USDC) on Ethereum with cryptocurrency partners.
In March 2021, Visa, Inc. accepted its first settlement in USDC from its crypto wallet partner Crypto.com. Such developments are expected to propel industry growth within the forecast period.
The outbreak in the COVID-19 pandemic is predicted to experience a decisive role in driving the market within the forecast period. Investors worldwide have shifted their interest toward cryptocurrencies because cryptocurrency segment is decentralized. In addition, since it is not controlled by any central authority, it eliminates the political influence during troubled times, for example the pandemic.
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